Sempra Q1 EPS Rises 14% to $1.58; Oncor Profit Up 17%
Sempra reported Q1 GAAP earnings of $1.04 billion ($1.58 per share) and adjusted earnings of $991 million ($1.51 per share), up from $906 million in 2025. Oncor, its Texas utility, posted net income of $212 million in Q1, driven by UTM/SRP revenue increases and higher interim rates.
1. Sempra First-Quarter Earnings
Sempra’s GAAP earnings for Q1 reached $1.04 billion, or $1.58 per diluted share, compared with $906 million, or $1.39 per share, in Q1 2025. Adjusted earnings rose to $991 million ($1.51 per share) from $942 million ($1.44 per share), and the company reaffirmed its full-year 2026 EPS guidance of $4.87–$5.37.
2. Oncor Q1 Financial Performance
Oncor Electric Delivery Company LLC delivered net income of $212 million for the quarter, a $31 million increase year-over-year. Revenue gains from the Unified Tracker Mechanism and System Resiliency Plan, alongside updated interim rates to reflect higher invested capital, outweighed milder weather, higher interest and depreciation costs, and elevated O&M expenses.
3. Capital Expenditures and Regulatory Developments
In Q1, Sempra invested approximately $3 billion in utility infrastructure as part of its $65 billion 2026–2030 capital plan, while Oncor’s separate 2026 capex budget stands at $9 billion. Texas regulators approved a base rate increase adding $560 million in annual revenue for Oncor, authorized a 9.75% ROE and 4.94% cost of debt, with new rates effective June 1.